Back
11 Jun 2013
Flash: EUR/USD has re-tested the top of the 3 month channel
FXstreet.com (London) - Research teams at Commerzbank said that EUR/USD has re-tested the top of the 3-month channel.
EUR/USD in a ABC correction?
Directly above here lies the 61.8% retracement at 1.3340 and they suggest that it is possible that this was an ‘a-b-c’ correction (wave 4). This move higher is already complete and over. However they will need to see a break below the accelerated uptrend at 1.3191 and yesterdays low at 1.3177 in order to alleviate immediate upside pressure.
EUR/USD 200w ma and key resistance line
They suggest that above 1.3340 will see an extension to 1.3454/57, the 200 week ma and the 2011-2013 resistance line, they look for this to hold and provoke failure. This is considered key resistance by them and below 1.3177 would alleviate and trigger to 1.2955 then 1.2827/1.2796 and this guards the 1.2740 April low and the 1.2679/61 long term Fibo.
EUR/USD in a ABC correction?
Directly above here lies the 61.8% retracement at 1.3340 and they suggest that it is possible that this was an ‘a-b-c’ correction (wave 4). This move higher is already complete and over. However they will need to see a break below the accelerated uptrend at 1.3191 and yesterdays low at 1.3177 in order to alleviate immediate upside pressure.
EUR/USD 200w ma and key resistance line
They suggest that above 1.3340 will see an extension to 1.3454/57, the 200 week ma and the 2011-2013 resistance line, they look for this to hold and provoke failure. This is considered key resistance by them and below 1.3177 would alleviate and trigger to 1.2955 then 1.2827/1.2796 and this guards the 1.2740 April low and the 1.2679/61 long term Fibo.